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May 20, 2026
Cadwalader partner Shai Schmidt was featured in 9fin’s article, “Left out lenders turn to Cadwalader as co-op terms evolve,” which highlights the firm’s emergence as a leading advisor to minority and excluded creditor groups amid increasingly aggressive cooperation agreement dynamics.
The article notes that Cadwalader has secured a wave of minority creditor group mandates in recent months, following the additions of Shai in New York and Jakeob Brown in London, as lenders outside steering committees seek counsel to navigate non-pro rata liability management transactions.
Shai said, “The need for excluded lender representation has continued to grow recently given the evolution of cooperation agreements and the enhanced flexibility secured by certain steering committees,” underscoring the rising complexity facing creditors deciding whether to join or sit outside co-ops.
He also emphasized that in non-pro rata scenarios, “it’s critical that [lenders] fully understand their rights under the credit agreement,” noting that strategic use of contractual protections can help minority lenders drive better outcomes.
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